Premier Energies IPO Oversubscribed by 6.6 Times on Day Two

29 Aug 2024 CW Team

The initial public offering (IPO) of Premier Energies, a solar cell and module manufacturer, received a strong response on the second day of bidding, with subscriptions reaching 6.60 times the available shares by Wednesday. The Rs 28.3-billion IPO attracted bids for 29,48,45,364 shares, far exceeding the 4,46,40,825 shares on offer, as per data from the National Stock Exchange (NSE).

The non-institutional investors (NII) segment led the charge with an 18.83 times subscription. The Retail Individual Investors (RII) category was oversubscribed by 4.21 times, while the Qualified Institutional Buyers (QIB) portion saw a 1.40 times subscription. Notably, Premier Energies' IPO was fully subscribed on its opening day.

The IPO comprises a fresh issue worth up to Rs 12.91 billion and an offer-for-sale of up to 3,42,00,000 equity shares. The price range for the shares has been set at Rs 427-450 per share. Premier Energies announced it had raised Rs 8.46 billion from anchor investors.

A significant portion of the funds from the fresh issue, amounting to Rs 9.69 billion, will be invested in Premier Energies’ subsidiary, Premier Energies Global Environment Pvt Ltd. These funds will partly finance the construction of a 4 GW Solar PV TOPCon Cell and 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana. The remaining funds will be allocated for general corporate purposes.

Premier Energies, with 29 years of experience, is an integrated solar cell and module manufacturer with a total installed capacity of 2 GW for solar cells and 4.13 GW for solar modules across five manufacturing facilities. The book-running lead managers for the offer are Kotak Mahindra Capital Company, J P Morgan India, and ICICI Securities.

Real Estate

07 Aug 2026

BXB Estates Sets AED 110 Million Jumeirah Golf Estates Record

BXB Estates has completed an AED 110 million residential transaction at Jumeirah Golf Estates, setting a new sales record for the prestigious Dubai residential community.Negotiated by Alfie Tabrez, Managing Partner of BXB Estates, the deal surpassed the previous record of AED 58 million for a completed ready villa in the development.The six-bedroom residence offers 21,714 sq ft of built-up space on a 15,873-sq-ft plot. It features nine bathrooms, four living lounges, a home office, bar lounge, private cinema and rooftop terrace.The property also includes a dedicated wellness area comprising a ..

SECR Floats Rs 6,019 Mn EPC Tender For Paradol Nagpur Link

South East Central Railway (SECR) has invited bids for an Engineering, Procurement and Construction (EPC) contract to build a new broad gauge single line between Paradol Takeoff Point and Nagpur Road Station in Chhattisgarh. The contract carries an estimated cost of Rs 6,019.0 mn and requires an earnest money deposit of Rs 120.4 mn. The work is framed as an EPC assignment intended to strengthen regional rail infrastructure. The tender, issued under number CAO-C-BSP-26-27-15, specifies a completion period of 730 days and a bid validity of 180 days. Two pre-bid meetings are scheduled for 24 Augu..

Indian Railways Reports Nine Per Cent Rise In July Freight Loading

Indian Railways handled 141.3 million tonnes (141.3 mn t) of freight in July, marking a rise of nine per cent year on year. Freight loading maintained a positive trajectory across the network compared with the same month last year. Passenger traffic also increased in July, contributing to higher overall network utilisation. The July outcome continued a pattern of steady monthly gains, reflecting gradual improvement in industrial and logistics activity. The growth in freight volumes reflected stronger demand across multiple sectors and improvements in logistics and train turnarounds. Enhanced r..